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In 2024, Apple Inc. (NASDAQ:AAPL) CEO Tim Cook saw a significant increase in his annual compensation despite the company’s controversies over its AI and Siri privacy policies.
What Happened: Cook’s total compensation for 2024 rose by 18% from the previous year, reaching $74.6 million, the company said in a proxy filing on Friday.
This increase was primarily due to a rise in stock awards, which amounted to $58.1 million, and non-equity incentive plan compensation, which was $12 million.
Cook’s base salary remained $3 million for the third consecutive year. The company’s compensation committee also decided to raise the target value of Cook’s equity award to $50 million from $40 million, citing benchmark data for peer CEOs’ pay.
Meanwhile, three senior executives — former Chief Financial Officer Luca Maestri, General Counsel Kate Adams, and Deirdre O’Brien, who leads retail and HR — each earned a total compensation of $27,179,257. Chief Operating Officer Jeff Williams received a slightly lower package, with his compensation totaling $27,177,812.
Why It Matters: Apple has been under scrutiny for its AI and Siri privacy policies. The company acknowledged flaws in its AI features after a complaint from the BBC.
Apple also settled a $95 million lawsuit over allegations of unauthorized recordings through Siri. Apple reaffirmed its privacy stance, stating it has never used or sold Siri data for marketing or advertising purposes. A recent settlement could benefit millions of U.S. Apple device users from September 2014 to December 2024.
Last week, UBS forecasted weaker iPhone sales for December, citing declining demand and falling market share in China. However, the company’s stock has remained resilient, indicating investor confidence in Apple’s long-term prospects.
Earlier this month, it was reported that Cook donated $1 million to President-elect Donald Trump’s inaugural committee, joining the ranks of other major tech leaders. This move was seen as a significant one, given the political climate at the time.
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Posted In: AAPL
